Been seeing a lot of people ask about retirement planning lately, especially since the full retirement age is going up for many of us. If you're thinking about retiring in 2026, this might actually be relevant to your situation right now.

Here's the thing - if you were born in 1960 or later, your full retirement age for Social Security is 67, not 65 like it used to be. That's a pretty significant shift. And if you're planning to retire before hitting that age, your monthly benefit is going to take a hit. I'm talking 6.7% less if you retire at 66, or 13.3% less at 65. That adds up over time.

So what can you actually do about this? Ryan Monette from Savant Wealth Management breaks it down pretty practically. The core strategy is basically a two-part approach - build up your cash reserves now while also growing your investment portfolio on the side. Some people pick up a side gig to boost cash flow, and the numbers show the average side hustle brings in around $12,689 a year, which is solid extra money if you've got six to eighteen months before you retire.

One option people don't always think about is just delaying when you start collecting. Yeah, you'd still retire from work, but you could live off savings and investments while your Social Security benefit grows. The longer you wait past full retirement age, the bigger your monthly check becomes. And here's the kicker - those larger payments get cost-of-living adjustments, so you're actually getting more purchasing power down the line.

There's also something called voluntarily suspending your benefits if you've hit full retirement age but haven't reached 70 yet. You earn what they call delayed retirement credits during that time - basically an 8% increase for every 12 months you don't claim. It's worth considering if you can manage without that income initially.

One thing I found interesting is the wage structure question, especially if you own a business. The wages you earn actually impact your future Social Security benefits because they're subject to FICA taxes. So if you're running an S Corp, it might be worth talking to your accountant about how you're splitting between business income and wages. More wages up to a certain point means a bigger Social Security check later.

The retirement age is going up and that's just reality at this point, but it's not something that has to derail your plans. You've got options if you're willing to think strategically about it now.